Saving for College {a sponsored post}



Are you a parent, like me, who thinks and wonders how you'll be able to pay for college when the time comes?  I don't know about your household, but in ours, further education of some sort is a non-negotiable.  There are just too few opportunities to succeed these days without some sort of degree or extended education program.  Having a college degree is now a mainstream thing; most job offers won't even look at or consider you if you don't have one.

I want the world to be wide open to my boys.  When I applied to go to college, I was a woman on a mission.  I had been told from a young age that I was TOO DUMB for college, despite good grades all through school.  True story.  Apparently my parents had so little faith in my ability to succeed in college that they denied me their tax information come time to apply for financial aid.  Do you know what that meant?  Instead of getting a FREE RIDE because my parents were so poor, I had to take out student loans to pay for college, on top of having several jobs.
I'm still paying for my parents cruelty. I did, however, graduate Magna Cum Laude. So there is that. :)

I want the opposite for my boys.  I want them to run forward into their futures with their only worry to be WHERE to go to college (Virginia Tech, of course).  The how-to-pay is on my shoulders as a parent (along with Doug).

Since this is something I have thought about since the day Moses was born over six years ago, I was excited to be approached by T. Rowe Price to look over their savings options for just this purpose.

After becoming more familiar with what they have to offer, I'm excited to get started, to start SOMEWHERE (because honestly, isn't the thought of saving thousands of dollars completely daunting?!).

I breathed a sigh of relief when I learned that you could start with as little as $50 a month.  I can do that.  I could even do that PER child.  Not only that, but anyone can contribute... aunts, uncles, grandparents.  What do they need with another toy when that money could go towards their education instead and provide a lasting gift?

Some other aspects I liked included tax-free benefits, nationwide choices in colleges (if for some crazy reason they don't choose Virginia Tech) and you can get the account fee waved if you sign up for an automatic payment plan (because I honestly don't need another thing to remember anyway).

And just in case they get a full scholarship somewhere, the money can also be used for things like books and housing and other fees.

They offer a very user-friendly, down-to-earth plan to help parents like us get started.  I like that I can read what they are talking about and understand it.  Plain and simple.

Take a look and see for yourself; maybe you need someplace to start like me.

The T. Rowe Price College Savings Plan is offered by the Education Trust of Alaska. You should compare this Plan with any 529 college savings plan offered by your home state or your beneficiary's home state and consider, before investing, any state tax or other benefits that are only available for investments in the home state's plan. Please read the Plan's Disclosure Document which includes investment objectives, risks, fees, charges and expenses, and other information. Earnings on a distribution not used for qualified expenses may be subject to income taxes and a 10% federal penalty. State tax laws and treatment may vary.You should read the Plan Disclosure Document carefully before investing. For other important legal information, please read the Plan's Privacy Policy. T. Rowe Price Investment Services, Inc., Distributor/Underwriter.

Visit the T. Rowe Price College Savings Plan site to learn how to get started.
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2 comments:

Jeanette said...

Our children were always told when you go to college, not if you go to college. Our daughter paid for her college while working at a local pet store. Our son took out student loans. Both got a half year paid for by grandparents. They both lived at home to make it cheaper. I find if you hand your children the money for college they just don't work has hard. I was also told I was to dumb for college so I never went. I was a very proud mother when my son graduated from The Ohio State this December. Enjoy those boys they grow up way to fast.

Tanna said...

I totally agree that it is a parents responsibility to provide the opportunity to their child to further their education. Force them, no. Should a parent put themselves in "red" to pay for it, no. Should a parent plan as you are doing? Oh, *&!?@ yeah! Doing so not only benefits the child, but the parents as well. No stress for them or you at the time of graduation! My parents made us put money we had save from 4-H projects at age 12 into a mutual fund. They matched it. When we turned 18 they took their money plus the interest it had made (yes they made money on this deal) out and what was left was ours to go to college with. Pay living expenses, tuition, books, night on the town etc. I married young and even used my $ to pay my husbands tuition. He wasn't as lucky as me. You are my hero for planning ahead and starting the process now, such a simple thing! My hubby and I had jobs and were able to put a 10K down payment on a house after college because of my parents planning. Like I said win, win. They still helped us out with things like, meat in the freezer, home canned veggies and fruits.

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